IAAO 101 EXAM QUESTIONS AND
ANSWERS 100% PASS 2026/2027
The basic responsibilities of the assessor are to _________ all taxable property. - ANS A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to: - ANS conduct
periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value. - ANS ad
valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the property
tax for the residence. - ANS $3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - ANS 0.1330
2026/2027 ALLRIGHTS RESERVED
1
, ______________ divided by the assessed value equals the tax rate. - ANS Budget
Assessment level times the tax rate equals the_____________________. - ANS effective tax
rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 - ANS $1.25
____________ is the physical land and everything permanently attached to it. - ANS real
estate
Which of the following is a governmental restriction to the "bundle of rights"? - ANS eminent
domain
Which of the following is a basic right associated with the ownership of property? - ANS A. to
use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and effective
purchasing power. the economic forces that determine scarcity are_________________. -
ANS supply and demand
2026/2027 ALLRIGHTS RESERVED
2
ANSWERS 100% PASS 2026/2027
The basic responsibilities of the assessor are to _________ all taxable property. - ANS A. List
B. Value
C. Discover
D. All of the Above
One of the steps an assessor must take in the discovery of property is to: - ANS conduct
periodic on-site inspections of properties
The property tax is a/an _________________ tax, meaning it is based on value. - ANS ad
valorem
Assume the following characteristics for a single-family residence:
Actual value=$175,000; assessment level=20 percent; tax rate=92.8 mills. Calculate the property
tax for the residence. - ANS $3248.00
If a tax rate is $13.30 per 100, the decimal equivalent would be - ANS 0.1330
2026/2027 ALLRIGHTS RESERVED
1
, ______________ divided by the assessed value equals the tax rate. - ANS Budget
Assessment level times the tax rate equals the_____________________. - ANS effective tax
rate
Given the following, compute a tax rate using dollars per hundred:
Budget: $6,000,000
Market Value: $800,000,000
Assessment Level: 50%
Non-property tax revenu: $1,000.000 - ANS $1.25
____________ is the physical land and everything permanently attached to it. - ANS real
estate
Which of the following is a governmental restriction to the "bundle of rights"? - ANS eminent
domain
Which of the following is a basic right associated with the ownership of property? - ANS A. to
use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity, desirability, and effective
purchasing power. the economic forces that determine scarcity are_________________. -
ANS supply and demand
2026/2027 ALLRIGHTS RESERVED
2
